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Penn Treaty Reports Higher 2nd Quarter Net Income

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NU Online News Service, Aug. 8, 6:07 p.m. – Penn Treaty American Corp., Allentown, Pa., is reporting $12 million in net income for the second quarter on $116 million in revenue, up from $2.4 million in net income on $101 million in revenue for the second quarter of 2001.

Penn Treaty, a company that helped developed the modern U.S. long-term care insurance market, recently overcame state regulators’ concerns about its capital reserves by setting up a contract to reinsure LTC insurance policies that were already in force. Penn Treaty continues to share some of the investment gains and losses associated with the policies through a mechanism called an “experience account.”